Delphi CEO says in restructuring talks with GM, UAW

LONDON (MarketWatch) -- Delphi Corp.
DPH, +0.00%
is in discussions with former parent General Motors Corp.
GM, +3.40%
and the United Auto Workers about a comprehensive restructuring of Delphi's unprofitable U.S. operations aimed at avoiding bankruptcy reorganization, Chairman and Chief Executive Officer Robert S. "Steve" Miller said in an interview with The Wall Street Journal. The talks are "very constructive and give me hope that we can restructure out of court," Miller told the newspaper. GM could be liable for a portion of pension and retiree health benefits for Delphi's UAW employees, should Delphi seek a bankruptcy-court reorganization and terminate its pension plans, the report said. Delphi workers also have a limited right to return to GM, if GM has job openings, the report added.

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